State-owned STLC last week became the first Russian borrower to pull a bond deal in nearly five years, leading to concerns about the strength of the local demand that underpins issuance from the country.

A boycott of Qatar by its neighbours has prompted HSBC to turn down a leading role on Doha’s new US dollar bond as the bank treads a political tightrope in the Gulf, four banking sources familiar with the decision said.